As I tinker out the kinks of my Retirement income structure I may as well show some of the produce from my garden since financial talk can get boring.
My first sure sign of Autumn is when I see these happy orange gourds...
“Black birds tend to like shiny things.” ~ The Bloody Raven.
I have been far from idle over the summer. With what little time and energy I have is prioritized for my two sons, wrestling with relative's issues, and finalizing all my post retirement income streams. Crossing the Tees, dotting the Is, the dizzying myriad of forms to be filled out.
Canada Pension Plan ✔️ Done.
Old Age Security ✔️ Deferred but Done.
Municipal Pension Plan ✔️ Finally done and approved Pension income guaranteed over 15 years. If my condition doesn’t improve I may not last beyond ten years tops. The remainder of my Municipal Pension plan is assigned to my eldest son.
A few late berries but all those runners.
Registered Retirement savings Plan I just need to sign ONE form before checking off!
The Registered Retirement Plan (RRSP) similar to the USA’s Independent Retirement Account (IRA), will have to be switched over to a Registered Retirement Income Fund (RRIF) before I can begin withdrawing a minimum of 4%. I plan to withdraw 8% to try to melt it down faster and earlier over the next three years. The primary reason is to minimize the Tax Trap, the trap where my Mother’s Retirement funds fell under the rules of Deemed disposition, netting my crony government a windfall at the expense of my Mom’s estate. It was not small potatoes.
Small potatoes, they’ll be bigger next year.
I approximate withdrawing $12,000 to $14,000CAD which seems high but I have planned a supplementary Charitable Donation program credits to offset my Payable Taxes over the next three years. This puts my gross income to a comfortable $48,000 income leaving me room before crossing into the next $56,000 higher tax bracket. Already, I have an income managing Estate funds already eating up most of that room.
Russian Red Garlic
TFSA
What this boils down to is for me to pad any unspent after-tax funds into my Tax Free Savings Account (TFSA). This should be more accurately be called Tax Free Investment Account. I think this is a little misdirection lulling most Canadians into putting their long termed savings into Savings accounts earning almost 1% interest at best.
Simple plan with but vague rules, that is withdraw sufficient funds from my RRIF, pay the minimum tax, and invest it into the TFSA where funds and capital growth can be withdrawn Tax Free! The only hitch is that I all allowed to contribute a limited amount set by the government each year.
Sweet little mini Kiwi
I can almost afford an average plane trip each year. Alternatively, tuck away the funds into the TFSA every other year and travel every second year. Well, if I am healthy enough I will start with my Bucket list destinations.
So far, my TFSA has $70,000CAD with room for another $40,000. One must be careful not to over contribute into this TFSA, the penalties are quite stiff for over zealous contributors. Also, funds in a TFSA are meant for passive Investment Growth and not meant for active trading and would therefore be deemed as Earned Income. It’s one of those ‘unwritten rules’ not mentioned in the TFSA brochure.
Cherry tomatoes grown in a bucket.
Upon my death, my TFSA would be de-registered, split 50%-50% and transferred to my sons ‘In kind’ that is, the assets remain un-liquidated as to maintain the same asset profile intact and continue it’s growth under their names. I will have to contact their respective Financial planners to get advice on how much of the capital can be contributed into their own TFSAs.
My TFSA currently comprise of; A high Interest cash account, A high Dividend yield ETF, Shares of a local Telephone and Internet service corporation that pays a 7.5% Dividend plus a local provincial extra tax benefit, a Money market fund and of course a Physical Gold and silver ETF. Can you guess the Precious metals ETF?
Pirate Retirement Fund aka Central Bank of Ravenhill fund
I haven’t slacked one bit from Stacking over the summer. The RCM and Sunshine mint 10 Troy oz. Bars were my July Dollar Cost Average (DCA) buy, a coincidence 
My July Silver Dollar Cost Average buy.
The 25 coin tube were what I expected, milk spots, finger prints, bumped and nicked yet perfectly good Maple leafs from a previous Stacker. I was also looking for a 1996 and 1997 Maple leaf for a friend 😉 to complete his set. No Luck in that department though I got a nice 2017 Reverse Cameo Privy.
My August slightly enhanced silver DCA buy.
I am looking forward to this Fall season. Life will be very much different with new goals, responsibilities and on my terms. Chinese Mid-Autumn Festival begins October 1st to the 8th and Mooncake day is October 6th. How I would love to visit Hong Kong to see this festival.
I can’t eat too many of these Mooncakes as I used to. 🌒
How much am I allowed? 🤔
It’s trial and error to find out for sure.
I'm glad to have you here, thank you for dropping in ⛵️
A Hong Kong key fob with 1g .999 Gold as another cherished gift from Danny.
Stacking Precious metals and Crypto for those dark stormy days!
The #piratesunday tag is the scurvy scheme of Captain 
References & Sources
Photos are my own shot with a brand new Galaxy 24 FE or otherwise indicated.
P. Image under Pixabay
W. Wiki Commons
☠️🎃 Page Dividers by thekittygirl. ❄️🌞
Cameo Raven Brooch from The Black Wardrobe.
Physical precious metals bullion stacking is only a part of my personal overall financial strategy. Meanwhile, collecting numismatics are a different set of objectives and strategy. Unless you are a complete nutcase as I am please, do your research before deciding to buy into any bullion or numismatic products.
Caturday Photo of Cat Vigilance